Berry Street Web Docs Financial Report 2010 | Page 24

BERRY STREET VICTORIA INC.
ABN 24 719 196 762

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2010
NOTE 8: PROPERTY, PLANT AND EQUIPMENT (Continued)

It is the policy of the association to revalue land and buildings every three years and this will next occur
during the 2010-2011 financial year. Valuers were instructed to determine fair market values for the
properties and these were based on the direct comparison approach, using recent sales of properties in the
neighbourhood, making adjustments for quality and condition of improvements, aspects of the land as well
as redevelopment potential.
As at 30 June 2010 the directors reviewed the key assumptions made by the valuers at 30 June 2008. They
have concluded that these assumptions remain materially unchanged, and are sa